Australian fintech Pay.com.au is preparing for its biggest expansion yet after raising A$39 million in Series E funding to support its launch in the United States.
The Melbourne-based company, founded in 2019, has built a payments and rewards platform that allows businesses to earn points on expenses such as rent, supplier bills, utilities and tax payments. The new round gives Pay.com.au additional capital to take that model into the US under the PayRewards brand.
From Australian Growth to US Expansion
Pay.com.au was founded by Damien Waller, Edward Alder and Grant Austin, with Waller and Alder previously involved in Points Hack.
The company has focused on giving small and medium-sized businesses a way to earn rewards on payments they already need to make. Businesses can use credit cards or bank transfers through the platform and collect PayRewards points alongside existing card rewards.
That model has gained significant traction in Australia. Pay.com.au says it processed more than A$10 billion in business expenses over the past 12 months, roughly double the previous year, across more than 30,000 Australian businesses.
The next step is taking that model into a much larger market.
Launching as PayRewards in the US
The company plans to enter the United States under the PayRewards brand.
Its US platform will allow businesses to earn and redeem rewards through a network of global partners. Pay.com.au already works with major names including Qantas, Virgin Airlines, American Express, Visa and Mastercard as part of its rewards ecosystem.
The US model will not require a monthly subscription. Instead, businesses will pay when they choose to earn PayRewards points on transactions.
That approach could make the product easier for businesses to trial while still giving Pay.com.au a way to generate revenue from transaction activity.
A$39M Series E Brings Total Funding Higher
The latest round is worth US$28 million, or around A$39 million, and came from undisclosed new and existing investors.
The Series E takes Pay.com.au’s total funding to approximately US$70 million. A valuation for the latest round was not disclosed.
The new capital follows a A$25 million raise nine months earlier, which valued the company at A$633 million before the investment. That earlier round was led by Morgans Corporate, with backing from Wilson Asset Management, Thorney Group and Ophir.
The company has been steadily building capital as it prepares for international expansion.
Turning Business Expenses Into Rewards
The core idea behind Pay.com.au is relatively simple.
Businesses already spend large amounts on supplier invoices, rent, payroll, taxes and other operating costs. Pay.com.au allows those payments to flow through its platform so businesses can earn reward points at the same time.
That gives the company a different angle from traditional payment platforms that compete primarily on transaction processing.
Pay.com.au is effectively combining B2B payments with loyalty, giving businesses another incentive to route spending through its platform.
The company has also expanded its product range over time. In 2026, it launched a mobile app and added features that allow customers to earn PayRewards points on incoming payments as well as outgoing expenses.
Why the US Market Matters
The US represents a much larger opportunity for Pay.com.au, but also a much more competitive one.
Business payments, card rewards and fintech services are already crowded markets, with established banks, payments companies and software platforms competing for small-business customers.
Pay.com.au will therefore need to prove that its rewards-led model can stand out beyond Australia.
The company believes the ability to combine card rewards with PayRewards points could give businesses a compelling reason to use the platform.
Blake Hutchison, CEO of PayRewards US, said the platform is designed to let businesses pay almost anyone by card or bank transfer while continuing to earn both credit card and PayRewards points.
An Australian Fintech Looking Beyond Home
Pay.com.au’s latest funding round reflects a broader trend among Australian fintech companies looking overseas once they have built scale domestically.
The company already has significant payment volume and a growing customer base in Australia. The next challenge is whether that model can translate successfully to the US.
With A$39 million in new capital, Pay.com.au now has more resources to support its international launch while continuing to grow its Australian business.
The US expansion will be an important test of whether turning everyday business spending into rewards can become a global fintech model rather than an Australian success story.